Elliott Wave analysis for Ripple 16.08.2022

The initial part of a new corrective trend is under construction. An actionary wave W is unfolding, which will start a global double zigzag W-X-Y. Judging by the internal structure, wave W will take the shape of a triple zigzag [W]-[X]-[Y]-[X]-[Z]. Now the last sub-wave [Z] is developing. Perhaps it will be completed as a standard zigzag (A)-(B)-(C), as shown in the chart. The first sub-wave (A), which may take the shape of a 1-2-3-4-5 impulse, will end at 0.408. This is the previous high, marked by a zigzag wave [Y].

Trading plan for XRPUSD for today:

Buy 0.369,

Take profit: 0.408.

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